I, like every other motorist, go through the annual task of renewing my car insurance. The cost depends on factors like job, age, and driving history. So I was intrigued when Martin Lewis suggested a simple way to save.
The 26-day sweet spot
Lewis advised comparing prices exactly 26 days before your renewal date. On his ITV show, he said: “When you get your quote, the number of days before you get a new policy can massively affect the price. The sweet spot is roughly 26 days before.” He added that a couple of days either side doesn’t matter.
My experiment
I had missed the exact day but tried anyway. After getting my renewal letter, I compared quotes on a comparison site. By switching early, I saved around £300. Before switching, I asked my existing insurer for a lower quote; they said no, so I cancelled auto-renewal.
Why it works
Lewis explained: “All of insurance pricing is based on risk. People who leave it to the last minute are deemed higher risk than those who get insurance earlier.” Another saver, Selene, told MoneySavingExpert.com she saved £445 using the same trick.
MoneySavingExpert's Chris Collier added that rising repair costs or insurer strategy changes can also increase premiums. If nothing has changed in your circumstances, the rise could be due to higher parts costs or the insurer no longer wanting customers with your risk profile.
